- The funding will see SEACOM grow its broadband cable network and cloud-based product offering in sub-Saharan Africa.
- Under the new deal, IFC will provide a $207 million long-term loan to SEACOM.
- The funding will support SEACOM to become the next-generation cloud-based IT service business.
SEACOM has partnered with the International Finance Corporation (IFC) to increase the access to broadband IT services for small and medium-sized businesses across Africa. The partnership will see SEACOM, a digital infrastructure and IT services company, grow its broadband network and cloud-based offerings in sub-Saharan Africa.
IFC will offer SEACOM a $207 million loan, which includes $70 million from IFC’s own financing. A total of $42.24 million co-financing will come from institutional investors through IFC’s Managed Co-Lending Portfolio Program. Another $94.76 million will be mobilized from Nedbank Limited and Mauritius Commercial Bank.
SEACOM expanding cloud-based services
“Access to affordable, good-quality internet is central to economic …
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